A significant investment decision by DWF Labs, a prominent market maker, resulted in an impressive 40% increase in the value of the cryptocurrency JASMY within a 24-hour period. This action involved a considerable transfer of the ERC-20 based tokens to Binance, one of the top global crypto exchanges, sparking considerable interest and speculation among investors and enthusiasts in the digital asset market.
Behind the Bullish Trend of JASMY
The momentum gained by JASMY is not only due to the investment activity but also the relaxed regulatory environment in Japan, hinting at a bright future for the token in the Japanese market. The significant inflow of JASMY into Binance coincided with an overall uptick in market liquidity and derivative data reflecting a bullish sentiment. The transfer by DWF Labs involved 380 million JASMY tokens valued at $5.9 million, underscoring the scale of the transaction.
Additionally, DWF Labs had previously acquired 700 million JASMY tokens from another exchange, Gate.io, in June 2023, further demonstrating the firm’s commitment to the digital asset. Interestingly, this large-scale movement of tokens to Binance has not dampened the token’s upward price trajectory, indicating strong market support.
Market indicators from Coinglass show a 63.68% rise in open interest in JASMY and a 97.27% spike in trading volume, suggesting an optimistic outlook for the token among investors.
JASMY’s Market Valuation and Recent Surge
At the time of reporting, JASMY saw a 29% price hike over the last day, trading at $0.017228. The token’s market value has climbed to $852.23 million, with a 29% increase in market cap and a 33% rise in 24-hour trading volume, reaching $1.517 billion, reflecting its sustained positive momentum in the market.